Chicago  south  branoh  dock  company. 

Charter,  by-laws  and  statement  of  property  of 
the  Chicago  south  branch  dock  cc.  Chicago,  April, 
1359.  Chicago,  Journal  steam  press  print,  f C  ICearbe^ 

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Cover-title . 


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CHARTER 


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BY-LAWS 


AND 


statement  of  Iroprtj, 


*  OP  THE 


CHICAGO  SOUTH  BRANCH  BOCK  CO, 


Chicago,  April,  1§59. 


CHICAGO: 

JOURNAL  STEAM  PRESS  PRINT,  50  DEARDORN  STREET. 

1859. 


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AJSS  ACT 

To  Incorporate  the  Chicago  South  Branch  Bock  Go, 

Section  1.  Be  it  enacted  by  the  People  of  the  State  of  Illinois , 
represented  in  the  General  Assembly ,  That  Wm.  Greene,  Wm. 
S.  Sampson,  Richard  J.  Arnold,  John  F.  Hance,  Roswell  B. 
Mason,  Amos  G.  Throop,  Abraham  J.  Knisely,  and  all  such  per¬ 
sons  as  shall  hereafter  become  stock-holders  in  the  Company  hereby 
incorporated,  shall  be,  and  for  the  time  of  thirty  years  after  the 
passage  of  this  act,  shall  continue  to  be  a  body  politic  and  incor¬ 
porate  by  the  name  and  style  of  the  “  Chicago  South  Branch  Dock 
Company/'  and  by  that  name  and  style  shall  be  capable  of  suing 
and  being  sued,  implead,  answer  or  defend  in  law  or  equity,  in  all 
courts  and  places  whatsoever,  make  and  use  a  common  seal,  and  to 
alter  or  renew  the  same  at  pleasure,  and  by  their  said  corporate 
name  and  style,  shall  be  capable  in  law  of  contracting  and  being 
contracted  with,  and  shall  be,  and  are  hereby  invested  with  all  the 
powers,  privileges,  immunities  and  franchises,  of  acquiring  by  pur¬ 
chase  or  otherwise,  and  of  holding  and  conveying  all  real  and  per¬ 
sonal  estate  which  may  be  needful  or  convenient  for  carrying  into 
effect,  fully,  the  objects  and  purposes  of  this  act,  and  may  receive 
and  make  all  deeds,  transfers,  covenants,  conveyances,  grants,  con¬ 
tracts,  agreements  and  bargains  whatsoever,  necessary  for  such  pur¬ 
poses,  and  generally  may  do  every  other  act  or  thing  necessary  to 
carry  into  effect  the  provisions  of  this  act,  and  promote  the  objects 
and  designs  of  said  Company,  as  by  this  act  authorized. 

Sec.  2.  The  said  Corporation  is  hereby  authorized  and  empow¬ 
ered  to  improve  in  such  a  manner  as  shall  be  conformable  to  the 
laws  of  this  State,  and  not  contrary  to,  or  inconsistent  with,  any  of 
the  rights  or  privileges  of  the  City  of  Chicago,  or  of  any  citizen  or 
citizens  of  this  or  of  the  United  States,  the  following  described  lands 


2 


and  property  situated  in  the  City  of  Chicago,  in  the  County  of 
Cook,  and  State  of  Illinois,  to-wit :  The  north  fractional  part  of 
section  twenty-nine,  in  township  thirty-nine  north  of  range  fourteen, 
east  of  the  third  principal  meridian,  excepting  the  east  sixteen 
and  seventy- two  hundredths  acres,  and  any  other  lands  and  appur¬ 
tenances  now  belonging  or  which  shall  hereafter  belong  to  said  Com¬ 
pany,  by  laying  the  same  out  into  lots,  streets,  squares,  lanes,  alleys 
and  other  divisions,  and  by  surveying,  locating,  constructing,  alter¬ 
ing,  maintaining  and  operating  seven  or  any  less  or  greater  number 
of  canals,  and  to  connect  such  canals  with  the  South  Branch  of  the 
Chicago  Piiver,  in  such  a  manner  as  not  to  injure  the  navigation  of 
the  said  river,  and  to  make  and  use  on  such  lands  all  such  Bail 
Boads,  Wharves,  Work-shops,  Ware-houses,  Stores  and  such  other 
buildings  and  improvements  as  may  be  found  necessary,  convenient 
or  ornamental,  with  full  powers  of  letting,  renting,  selling,  grant¬ 
ing  or  using  any  lot  or  other  portion  of  any  such  lands  or  the  im¬ 
provements  made  or  to  be  made  thereon  for  any  trade,  business  or 
manufacture  authorized  or  permitted  by  the  laws  of  the  State, 
Provided,  that  the  said  Company  and  its  agents  shall  in  all  cases 
whatsoever  be  subject  to  and  observe  the  ordinances  of  the  City 
of  Chicago  within  the  limits  of  said  city. 

Sec.  3.  The  capital  stock  of  said  Company  shall  be  six  hundred 
and  fifty  thousand  dollars,  which  may  be  increased  from  time  to 
time  to  any  sum  not  exceeding  the  entire  amount  of  the  value 
of  such  lands,  including  any  and  all  improvements  made  and  to  be 
made  upon  the  same,  divided  into  shares  of  one  hundred  dollars 
each,  which  shall  be  deemed  personal  property,  and  may  be  issued 
and  transferred  in  such  manner  as  may  be  ordered  and  provided 
by  the  Board  of  Directors,  who  shall  have  power  to  require  the 
payment  of  the  sums  subscribed  by  stock- holders  in  such  manner  and 
on  such  terms  as  they  may  think  proper,  and  on  refusal,  neglect 
or  default  on  the  part  of  the  stock-holders,  or  any  of  them,  to  make 
payment  as,  and  when,  required  by  the  Board  of  Directors,  the  said 
Company  may  sue  for  and  collect  the  same,  or  may,  after  thirty 
days'  notice  thereof,  published  in  a  daily  newspaper  in  the  City  of 
Chicago,  sell  the  shares  of  such  delinquent  or  delinquents  at  public 
auction,  under  such  rules  as  the  Board  of  Directors  may  adopt,  the 
surplus  money,  if  any,  remaining  after  deducting  the  payments 
due,  with  the  interest  and  costs  of  sale,  to  be  paid  to  such  delinquent 


stock-holder  or  stock-holders,  or  his  or  their  legal  representatives. 
The  persons  named  in  the  first  section  of  this  Act,  or  a  majority  of 
them,  are  hereby  authorized  to  dispose  of  the  stock  of  said  Com¬ 
pany  and  to  cause  books  to  be  opened  for  subscription  to  said  cap¬ 
ital  stock,  in  such  manner  and  at  such  times  and  places  as  they 
may  deem  expedient. 

Sec.  4.  The  corporate  powers  of  said  Company  shall  be  vested 
in  a  Board  of  Directors  and  such  officers  and  agents  as  such  Board 
shall  appoint.  The  Board  of  Directors  shall  consist  of  five  persons, 
who  shall  be  stock-holders  of  said  Compaay,  to  be  chosen  annually 
by  the  stock-holders,  each  share  having  one  vote,  which  may  be 
given  in  person  or  by  proxy,  such  Directors  to  continue  in  office  for 
one  year,  and  until  their  successors  are  elected  and  qualified.  Va¬ 
cancies  in  the  Board  may  be  filled  at  any  time  by  two-thirds  of  the 
Directors  remaining,  such  appointees  to  continue  in  office  until 
the  next  regular  annual  election  of  Directors.  The  officers  of  said 
Board,  and  the  officers,  agents,  servants  and  employees  of  said  Com¬ 
pany,  whether  members  of  the  Board  of  Directors  or  otherwise,  may 
be  appointed,  employed,  paid  and  dismissed  under  such  rules  and 
regulations,  and  may  be  required  to  enter  into  such  bonds  as  the 
Board  of  Directors  may  from  time  to  time  adopt  and  direct. 

Sec.  5.  The  said  Company  shall  have  power  to  make  all  such 
by-laws,  rules  and  regulations,  as  may  be  deemed  expedient  and 
necessary  to  fulfill  the  purjjoses  and  carry  into  effect  the  provisions 
of  this  Act,  and  for  the  well  ordering,  regulating  and  securing  the 
affairs,  business  and  interests  of  the  Company  ;  Provided  the  same 
be  not  repugnant  to  the  Constitution  and  laws  of  the  United  States, 
or  of  this  State,  or  to  this  Act. 

Sec.  6.  The  said  “  Chicago  South  Branch  Dock  Company  ”  are 
authorized  and  empowered  to  borrow,  from  time  to  time,  such  sum 
or  sums  of  money,  not  exceeding  at  any  one  time  fifty  thousand 
dollars,  as  in  their  discretion  the  Directors  thereof  may  deem  nec¬ 
essary,  to  aid  in  the  construction  of  said  Docks,  Rail  Roads,  and 
other  improvements  and  works,  and  to  pay  interest  thereon  not  ex¬ 
ceeding  ten  per  cent,  per  annum,  payable  semi-annually,  or  other¬ 
wise,  and  pledge  and  mortgage  the  lands,  Docks,  Rail  Roads,  real 
estate,  effects,  rights,  credits  and  franchises  of  said  Company,  as 
security  for  any  such  loan  at  such  rate  and  on  such  terms,  as  the 
Board  of  Directors  may  determine  ;  and  the  Directors  of  said  Com- 


4 


pany  may  confer  on  any  bond-holder  of  any  bond  issued  for  money 
borrowed  as  aforesaid,  the  right  to  convert  the  principal  due  or  owing 
thereon,  into  stock  of  said  Company,  at  any  time  not  exceeding 
ten  years  from  the  date  of  the  bond,  under  such  rules  as  the  Board 
of  Directors  may  adopt  therefor  ;  Provided ,  however,  that  no  mort¬ 
gage  or  other  conveyance  of  the  real  estate  of  said  Company  shall  be 
valid,  unless  signed  by  the  President  and  Secretary  therof,  and  be 
under  the  seal  of  the  Company,  and  be  duly  acknowledged  by  said 
President  and  Secretary  before  a  proper  officer,  according  to  law ; 
and  provided,  further,  that  nothing  in  this  Act  contained  shall  be 
so  construed  as  to  vest  said  Company  with  banking  powers,  or  to 
authorize  them  to  make,  emit  or  utter  any  bank  note,  or  other 
device  to  be  used  as  money. 

Sec.  7.  So  soon  as  the  sum  of  Five  Plundred  Thousand  Dollars 
of  the  capital  stock  of  said  Company  shall  have  been  subscribed, 
the  said  persons  named  in  the  first  section  of  this  Act,  or  a  major¬ 
ity  of  them,  shall  give  ten  days’  notice,  by  publishing  in  a  newspaper 
printed  in  the  City  of  Chicago,  of  an  election  by  said  stock-holders 
of  a  Board  of  Directors  as  hereinbefore  provided.  At  the  time 
and  place  appointed  in  said  notice  for  that  purpose,  the  said  persons 
named  in  the  first  section  of  this  Act,  or  a  majority  of  them,  shall 
attend  and  act  as  inspectors  of  said  election,  and  the  stock¬ 
holders  present  shall  proceed  to  elect  five  Directors  by  ballot ;  and 
the  said  inspectors  present  shall  certify  the  result  of  said  election 
under  their  hands,  which  certificate  shall  be  recorded  in  the  book  of 
records  of  said  “  Chicago  South  Branch  Dock  Company,”  and  shall 
be  sufficient  evidence  of  the  election  of  Directors  therein  named, 
and  the  Directors  thus  elected  shall  hold  their  offices  for  one  year, 
and  until  their  successors  are  elected  and  qualified,  and  shall  elect 
one  of  their  number  as  President  of  the  Board.  All  future  elec¬ 
tions  shall  be  held  at  the  time  and  in  the  manner  prescribed  by  the 
by-laws  and  regulations  of  said  Incorporation. 

Sec.  8.  The  joint  stock,  property,  funds,  and  effects  of  said 
Company  shall  be  answerable  for  all  the  contracts  made  or  author¬ 
ized  by  or  for  the  said  Company,  and  for  all  just  claims  against  the 
same  ;  but  none  of  the  stockholders  shall  be  liable  in  person  or  prop¬ 
erty  for  any  contracts  or  claims  against  the  said  Corporation,  and 
the  service  of  legal  process  on  the  President  or  any  of  the  Directors 
shall  be  sufficient  service  on  the  Corporation. 


5 


Sec.  9.  This  Act  shall  be  deemed  and  taken  as  a  public  Act,  and 
shall  be  construed  beneficially  for  all  purposes  herein  specified  or 
intended,  and  all  copies  thereof  printed  by  or  under  the  direction 
of  the  General  Assembly  of  this  State,  shall  be  received  in  all 
courts  and  places  whatsoever  in  this  State,  as  sufficient  evidence 
thereof  without  further  proof. 

Sec.  10.  This  Act  to  take  effect  and  be  in  force  from  and  after 
its  passage. 

WM.  R.  MORRISON, 
Speaker  of  the  House  of  Representatives. 

JOHN  WOOD, 

Speaker  of  the  Senate. 

Approved,  February  19,  1859. 

WILLIAM  H.  BISSELL. 


BY-LAW  S . 

ARTICLE  1. 

The  annual  election  of  Directors  of  this  Company  shall  be  held 
at  the  office  of  the  Company,  on  the  first  Monday  in  June  of  each 
year — after  the  year  1859— between  the  hours  of  10  A.  M.,  and  2 
P.  M. 

Thirty  days’  previous  notice  of  said  election  shall  be  given  by  the 
Secretary  of  the  Company,  in  a  newspaper,  published  in  the  City 
of  Chicago. 

Each  share  of  capital  stock  of  said  Company  shall  be  entitled  to 
one  vote  ;  and  a  majority  of  all  the  votes  cast  shall  be  necessary  to 
the  election  of  a  Director.  Said  elections  shall  be  conducted  by  any 
one  or  more  of  the  Directors  in  conjunction  with  the  Secretary,  and 
the  result  shall  be  certified  by  them  accordingly.  Notice  of  their 
election  shall  be  given  to  the  newly  elected  Directors,  who  shall 
meet  within  ten  days  after  said  election,  for  organization. 

ARTICLE  2. 

A  majority  of  the  Directors  shall  be  necessary  to  constitute  a 
quorum  for  the  transaction  of  business.  Meetings  of  the  Board  of 


6 


Directors  shall  be  held  on  their  own  adjournment,  or  at  the  special 
call  of  the  President,  either  at  Chicago,  Illinois,  or  at  Cincinnati, 
Ohio;  Provided ,  that  when  any  such  meeting  shall  be  held  at  Cin¬ 
cinnati,  the  Directors  present  shall  appoint  an  assistant  Secretary, 
whose  duty  it  shall  be  to  keep  full  and  correct  minutes  of  the  busi¬ 
ness  done,  and  proceedings  had  at  such  meeting,  which  minutes  shall 
be  signed  by  the  President  and  such  assistant  Secretary,  and,  by  the 
latter,  transmitted,  under  his  hand  and  in  his  official  capacity,  to 
the  Secretary  of  said  Company  at  Chicago,  who  shall  enter  the  same 
at  large  upon  the  records  of  said  Company. 

ARTICLE  3. 

The  officers  of  this  Company  shall  be  a  President  and  a  Secretary 
( who  shall  be,  ex  officio ,  Treasurer,)  and  such  Agent  or  Agents,  for 
the  transaction  of  the  business  of  the  Company,  as  the  Board  of  Di¬ 
rectors  shall,  from  time  to  time,  appoint. 

ARTICLE  4. 

The  duties  of  the  President,  and  the  Secretary  and  Treasurer, 
shall  be  such  as  usually  belong  to  those  officers. 

ARTICLE  5. 

The  Secretary  shall  exhibit  a  statement  of  the  condition  of  the 
affairs  of  the  Company,  at  any  time  when  required  by  the  Board  of 
Directors,  and  shall  prepare  a  full  report  annually,  for  the  informa¬ 
tion  of  the  Stockholders,  at  their  annual  meeting,  on  the  first 
Monday  in  June. 

ARTICLE  6. 

The  Treasurer  shall  give  bonds  for  the  faithful  performance  of 
the  duties  of  his  office,  in  the  sum  of  five  thousand  dollars,  (or  such 
other  sum  as  the  Board  of  Directors  may,  from  time  to  time, 
require),  which  shall  be  approved  by  the  President. 

ARTICLE  7. 

Certificates  shall,  from  time  to  time,  be  issued  to  the  holders  of 
the  stock  of  the  Company,  and  they  shall  be  signed  by  the  President, 
and  countersigned  by  the  Secretary,  who  shall  attach  to  each  certifi¬ 
cate  so  signed  and  countersigned,  the  seal  of  the  Company. 

ARTICLE  8. 

All  transfers  of  Stock  shall  be  made  on  the  books  of  the  Company, 
either  by  the  stockholder  himself,  or  by  the  Secretary  authorized  to 
act  in  his  name,  by  a  power  of  attorney  under  his  hand  or  that  of 


7 


his  legal  representative,  appended  to,  or  endorsed  upon  said  certifi¬ 
cate. 

ARTICLE  9. 

The  books  for  transfer  shall  be  closed  ten  days  before  every  an¬ 
nual  election,  and  shall  remain  closed  until  the  day  after  the  period 
appointed  for  such  election. 

ARTICLE  10. 

Dividends  of  the  surplus  moneys  of  the  Company,  may,  from  time 
to  time,  be  declared  by  the  Board  of  Directors,  as,  in  their  judgment, 
the  condition  of  the  Company  justifies  ;  and  in  anticipation  of  any 
such  dividend,  the  books  of  transfer  shall  be  closed  for  the  period  of 
ten  days  next  preceding  the  day  of  payment  of  such  dividend. 

ARTICLE  11. 

These  By-Laws  may  be  amended,  altered  or  repealed,  at  any  reg¬ 
ular  annual  meeting  of  the  Company. 


At  a  meeting  of  the  stockholders  of  the  Chicago  South  Branch 
Dock  Company,  held  at  the  office  of  A.  J.  Knisely,  in  the  City  of 
Chicago,  on  Wednesday,  March  23d,  1859,  in  pursuance  of  a  duly 
published  notice,  the  following  named  persons  were  elected  Direct  - 
ors  of  said  Company  :  William  Greene,  Cincinnati,  Ohio,  Wrn.  S. 
Sampson,  Cincinnati,  0.,  Henry  A.  Johnson,  Cincinnati,  0.,  Rich¬ 
ard  J.  Arnold,  Providence,  R.  I.,  Abraham  J.  Knisely,  Chicago,  Ill. 

At  a  meeting  of  the  beard  of  Directors,  Wm.  Greene  was  chosen 
President,  and  A.  J.  Knisely,  Secretary. 


8 


STATEMENT  OF  PKOPERTY. 

The  whole  amount  of  Capital  Stock  of  said  Company  is  $650,- 
000,  all  of  which  has  been  subscribed,  the  whole  amount  called  in, 
and  fully  paid.  The  Company  received  in  payment  of  said  Stock, 
from  the  subscribers  thereto,  land  at  a  nominal  valuation,  ( but  at 
a  valuation  far  below  its  actual  and  market  value),  as  follows  : 
17,368  feet  of  ground  in  “  G-reene’s  South  Branch  Addition  to  Chi¬ 
cago, being  at  the  rate  of  nearly  $37.43  per  front  foot  ;  whereas, 
a  fair  and  reasonable  valuation  of  the  same  property  would  not  be 
less  than  from  $75  to  $125  per  foot,  according  to  the  advantages  of 
location,  &c.,  as  is  satisfactorily  shown,  in  the  fact,  that  within  the 
last  six  months,  lots  located  in  the  central  portion  of  the  Company’s 
property,  and  no  more  valuable  than  the  average  of  theirs,  have 
been  sold  at  the  rate  of  $90  per  foot.  This  property  is  wholly  un¬ 
incumbered,  and  is  now  in  a  state  of  rapid  improvement.  An 
amount  of  work  has  already  been  done,  equivalent  to  completely 
excavating  4,125  lineal  feet  of  Slip,  giving,  thereby,  8,250  feet  of 
dock  front.  This  excavating  is  not  only  no  expense  to  the  Company, 
but  is  a  source  of  revenue  to  them,  inasmuch  as  the  clay  so  excava¬ 
ted  is  valuable  for  brick-making,  and,  for  that  purpose,  commands  a 
premium  over  and  above  the  cost  of  digging  the  material.  These 
lots  are  of  an  average  depth  of  244  feet  ;  and  12,829  front  feet  are 
on  slips  already  built,  or  in  course  of  construction. 

The  balance  of  the  ground — 4,539  feet,  lying  at  the  west  end  of 
the  addition — is  capable  of  being  converted  into  water  front  in  a 
similar  manner,  though  it  has  been  thought  advisable  to  retain  it 
in  its  present  shape  for  the  time  being,  with  the  view  of  using  it 
for  Depot  and  other  railroad  purposes. 

A.  J.  KNISELY,  Sec’y. 

Chicago,  April  1st,  1859. 


LAFLIN«=S 


LOOMIS  =  ST 


THROOP 


RU  CKER— S 


STETSON=S 


THE  CHICAGO 


HEREBY  CALL  THE  ATTENTION  OF 


TO  THEIR  EXTENSIVE  IMPROVEMENT  OP  BUSINESS  PROPERTY, 


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This  property  is  admirably,  adapted  to  the  GRAIN  AND  LUMBER  TRADE, 
or  any  kind  of  business  where  WATER  FRONT  is  required.  It  is  laid  out  on  a 
liberal  scale,  each  of  the  Canals  being  One  Hundred  Feet  in  width,  and  of  suffi¬ 
cient  depth  to  admit  the  Largest  Vessels.  The  lots  are  of  sufficient  size  to  ac¬ 
commodate  a  large  business,  each  embracing  a  Dock  Front  of  One  Hundred 
Feet,  and  extending  back  two  hundred  and  forty-four  feet,  to  an  EIGHTY  FEET 
STREET.  The  Company  have  the  right  to  lay  one  or  more  £  s 

RAIL  ROAD  TRACKS 

In  any  or  all  of  the  streets  through  this  property,  and  this  will,  probably,  soon  be 
done,  which,  when  completed,  will  connect  with  all  the  main  tracks  entering  the 
city,  thereby  presenting  facilities  for  the 

RE-SHIPPING  OF  GRAIN,  LUMBER,  ETC, 

no  where  else  to  be  found.  This,  taken  in  connection  with  the  fact  of  the  close 
proximity  of  this  property  to  the 

ILLINOIS  AN®  MICHIGAN  CANAL, 

Through  which  about  one-third  of  all  the  grain  received  in  Chicago  comes,  and 
from  one-fifth  to  one-fourth  of  all  the  Lumber  sold  here,  is  shipped,  gives  to  this 
locality,  a  decided  advantage  over  any  other,  for  the  transaction  of  any  kind  of 
Heavy  Business.  To  those  desiring  Business  Property,  for  actual  use,  and  not 
for  speculation  merely,  this  is  offered  on  the  most  favorable  terms,  by 


Office  No.  78  South  Dearborn  Street. 


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4 


IV 


5 


